Protecta aims to sell 400k life policies in 1st year

Peruvian life insurance company Protecta plans to sell 400,000 policies worth US$10mn during its first year of operations, the insurer said in a press release.

Protecta, which launched operations last February, specializes in microinsurance.

Peru's financial sector regulator SBS authorized financial services group ACP Inversiones y Desarrollo to incorporate Protecta in July 2007.

ACP Inversiones y Desarrollo is the controlling shareholder of Peruvian microfinance bank Mibanco.

Protecta plans to offer microinsurance using non-bank finance companies and cooperatives as distribution channels, according to the statement.

The new insurer will sell both individual and group life insurance and annuities.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 28, 2008

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